How staying at home can boost more than student finance

Those looking for ways to look after their student finances should consider living with parents throughout the course, rather than using university or private rented accommodation.

As well as saving cash, the move could also help students’ parents if they are on an offset mortgage, First Direct claimed.

According to the lender, typical homeowners could save more than £10,500 over three years, as well as reducing their mortgage term by a year and missing almost £1,000 of interest cots.

Accommodation for Students research revealed that the typical student pays £65 per week in rent – up 4.3 per cent on last year’s data.

By living at home, this could be saved to a total of £10,582 over the first three years of a degree course.

First Direct senior mortgage product manager Richard Tolchard said: “If your children are studying locally having them live at home is a real option and could save you over £10,000 in accommodation costs, though it might mean a bit more ironing.

“By ploughing what you save by no longer paying these costs into your offset instead, you could really make a dent in what you owe on your mortgage.”

Meanwhile, the National Landlords association recently noted that in times of uncertainty, homeowners often choose to rent out their properties.